American Taxpayer Relief Act of 2012

The American Taxpayer Relief Act of 2012 was passed by the US Congress on 1 January 2013, and was signed into law by President Barack Obama the next day. The act extended tax relief provisions set forth by the 2001 and 2003 Bush tax cuts, but it removed the limitations on taxes for those making above $400,000 a year (above $450,000 for couples), returning the highest tax rate to 39.6%. In the US Senate, both the Democratic Party and Republican Party supported it, while Republican members of the US House of Representatives opposed it.